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difference Between P&L A/c and Balance Sheet?

Answer Posted / o.jithendra reddy

Profit and loss a/c deals with all incomes,expences,loss,gains.it treated to Nominal a/c.All incomes minus All expences is called net profit or loss.to know the net profit or loss.Valence sheet is a statement.it will shows all assets and liabilities. To know the financial position of the business in a accounting period.

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